Unloading the loaded

Catering to the whims of the rich is big business

THE seven-star Burj-al-Arab hotel in Dubai is not for those who like their elegance understated. The presidential suite is an explosion of gold, purple, marble and opulence. Some guests prefer it to the even more expensive royal suite (which is $18,000 a night), says a helpful member of staff, because the decor in the royal suite is even livelier.

When you are seriously rich it is hard to spend all your money, but some creative people will help you try. Quintessentially, a firm founded by Ben Elliot, a nephew of the Duchess of Cornwall, specialises in giving the rich whatever they want, wherever they are. Some requests—tea with Britain's queen, for example—can be a bit difficult, says Mr Elliot. But if a client needs a life-size edible cake costume for a birthday bash, or wants to fly along the Great Wall of China, his global network of fixers will fix it.

The financial crisis hurt sales of luxury goods, which fell by 8% in 2009. But Bain, a consultancy, estimates that in 2010 they grew by 10% worldwide, and by an astounding 30% in China, where the boom barely faltered. In the West the rich have cut back on ostentatious baubles and instead gone for experiences, such as yoga retreats in India or personal coaches to teach them about Buddhism, says Milton Pedraza of the Luxury Institute, a consultancy. China's new millionaires have no such qualms. One retailer there started selling Smart cars covered in Swarovski crystals last year.

What the rich lack is time, says a former personal assistant to celebrities. They may decide to go for a weekend in Thailand on the spur of the moment, and the personal assistant has to make it happen. Another popular time-saver is a medical concierge service. PinnacleCare, for example, will send a doctor “to your home, your office [or] your ski chalet”, says Bruce Spector, the founder.

Rich people also want help with handling their money. Creating a fortune is often fun, but conserving it can be tedious, says Charles Lowenhaupt, an adviser to the wealthy. A family may have 100 members scattered over multiple jurisdictions and 150 trusts, making tax planning a trifle complex.

Yet the basic problems are the same everywhere. Mr Lowenhaupt recalls an acquaintance from China teaching him a Chinese saying, “rice paddy to rice paddy in three generations”. The acquaintance was surprised to learn that other cultures have similar proverbs.